Scope:  
The standard provides a framework for designing cryptocurrency-based digital security tokens. This standard includes technical requirements for designing a security token in compliance with regional security laws and regulations.
Purpose:
Define security tokens that provide traceability, accessibility, liquidity, and programmability using smart contracts to establish legal compliance, lock-up period, transfer, and trade restrictions.
Need for the Project:
Blockchain-based cryptocurrency tokens are gaining interest in the financial markets. There are several blockchain platform-specific token standards (ERC20, ERC223, ERC721, etc. on Ethereum, NEP5 on NEO). Recently, a few security token standards have been proposed by various token issuance platforms. There is an urgent need for a standard that will offer a common framework for security tokens. Standardization will provide a common base understanding allowing for further innovation, advancement, and adoption through network effects.